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Barclays Bids for Tricorona, Seeking Emission Credits (Update3) June 02, 2010, 1:20 PM EDT (Updates with Camco in 14th paragraph, closes shares.) By Mathew Carr June 2 (Bloomberg) -- Barclays Plc offered about 1.1 billion kronor ($141 million) in cash for Tricorona AB to gain access to projects that produce greenhouse-gas emission credits in developing nations. The bank said the offer of 8 kronor a share, recommended by the board of the Stockholm-based developer of credits, was a 40 percent premium over yesterday’s close. Tricorona rose 41 percent to close at 8.05 kronor in the Swedish capital, its highest since Nov. 5. Barclays, based in London, is making its bid as the European Union completes rules for its carbon program, the world’s biggest such market, for the eight years through 2020 and as the U.S. Senate debates climate laws that include trading in offsets. JPMorgan Chase & Co. last year bought carbon business EcoSecurities for about $198 million. “The benefit of coming in at this stage is that we get a diversified portfolio of registered and issuing projects,” said Louis Redshaw, head of environmental markets at Barclays Capital, in a telephone interview. The bank has traded more than 4 billion metric tons of carbon allowances and credits, he said. That would be worth 55 billion euros ($67 billion) based on an average price since January 2004 for EU allowances of about 13.76 euros a ton, according to data from Spectron Group Ltd. The bid values Tricorona’s portfolio of UN Certified Emission Reduction Credits at 15 euros to 16 euros a metric ton, or 25 percent above the market, Gus Hochschild, an analyst at Mirabaud Securities LLP, said in an e-mailed note today. UN CERs for December rose 10 cents to 12.54 euros a ton today on the European Climate Exchange in London. Adding Earnings The purchase would add to Barclays earnings within a year of completion, which is expected in the third quarter of this year, according to a statement today. Tricorona’s profit fell to 28 million kronor in the first quarter from 61 million kronor a year earlier, according to a company filing. Sales fell to 192 million kronor from 265 million kronor. The Swedish company is listed as a buyer in projects that have been issued 9.4 million metric tons of credits, making it the eighth-largest of 352 project participants, according to UN data published by Bloomberg. Tricorona was in February a target of a takeover offer from Opcon AB, which the board recommended shareholders reject. There is some doubt about the shape of future carbon trading, including the United Nations’ Clean Development Mechanism, under which credits are created from emission- reduction projects in developing nations, Redshaw said. ‘Role to Play’ “There’s a lot of uncertainty about the CDM,” he said. “We think there is going to be global carbon trading and project-based reductions have a role to play.” Barclays and Tricorona will be able to offer risk- management to factories and power stations in future years, potentially through 2020, Redshaw said. “You need to be able to look that far out.” Tricorona managers will keep about 14 percent of the company after the takeover, Redshaw said. They will invest in the company after the proposed takeover, Tricorona Chief Executive Officer Niels von Zweigbergk said in a telephone interview today. The managers will hold about 14 percent after their investment at an unspecified price, compared with about 3 percent now, he said. “We have an owner that’s committed to this market,” he said of Barclays. Camco International Ltd., another carbon credit developer, jumped 12 percent today to close at 16.5 pence in London. Camco has “scarcity value” after Barclays’ bid for Tricorona, said Andrew Shepherd-Barron, an analyst in London for broker KBC Peel Hunt. He values Jersey, U.K.-based Camco at 34 pence and has a “buy” recommendation, according to a research note. --Editors: Rob Verdonck, Will Kennedy To contact the reporter on this story: Mathew Carr in London at m.carr@bloomberg.net To contact the editor responsible for this story: Steve Voss at sev@bloomberg.net Quelle: http://www.businessweek.com/news/2010-06-02/barclays-bids-fo… |
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| aus der Diskussion: | Camco |
| Autor (Datum des Eintrages): | ShareExtrem (02.06.10 21:04:25) |
| Beitrag: | 24 von 38 (ID:39623298) |
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